Expansion of Fish Seed Production industry
The key driver behind the increasing demand for aquaculture feed is the increase in seed production. Under the scheme of contract farming, farmers are provided with aquafeed and fish seeds needed for the growth of aquaculture. In 2019-20, India's fish seeds were produced at 5,21,706 lakh/year. For example, Oceanic Edibles International Ltd initiated a contract farming with a group of farmers and an Indian overseas bank for shrimp production. Oceanic supplied the farmers with feed for production. Owing to the increase in health consciousness, people are consuming residue-free food, which is building pressure on exporters to grow seafood that is good for health. This has a huge effect on the aquafeed industry as proper feed for aqua animals will help in the growth of animals without any diseases.
The Market witnessed the growth to surge in export of fish and fish products
In India, it is usually the fish traders who pick up fish at harvest and trade it off for a higher price to different markets. Despite significant consumption of fish by Indian people (12.8% of total animal protein sources), the country still falls short of fish protein availability at 5.04 kg per person per year, compared to world consumption at 20.5 kg per person in 2019. An increase in export value of India was 14,521 with 6,678 USD million in 2019-20. The most importing region from India is China, with a quantity of 3,29,479 metric ton. Export is boosted due to about 30 high-tech feed mills currently operating for fish feed production. The sector has generated significant employment opportunities for skilled and non-skilled workers. Allied businesses like feed equipment manufacturers (domestic and international firms), feed additive and raw material suppliers, and other infrastructure support for this new sector are helping, which is a major change and development for the industry.
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More Focus on R&D activities is supporting Market Growth
The increasing investments by market players and associations in the research and development of innovative products is contributing to the market’s growth. The companies are embarking mergers and collaboration with various international players and associations to diversify their product portfolio and consumer offerings with incorporation of latest technological advancement throughout their value chain of feed production according to the need of specific species requirements to enhance the quality of seafood.
Impact of COVID-19
The COVID-19 outbreak has led to disruption in almost each and every industry vertical. It has led to disruption of supply chains, leading to shutdown of numerous manufacturing facilities worldwide, severe air and sea traffic disruption and closure of vital air routes. With all industrial activities paused, international travel stopped and only essential business services permitted to function; these events significantly affected feed production as factories faced supply chain disruptions and labor scarcities. With the pandemic, availability of logistics for shipment of raw materials became a challenge that resulted in interruptions of supply chain. Although, overall availability of logistics is progressively improving, there are still some regions in the country where such recourses are limited currently when compared to pre-COVID period. Hence, companies are expected to expand their retailer base rapidly through various digital platforms that offer advertising and sale services.
The publication titled ‘India Aquaculture Feed Market Outlook to 2027: Driven by surging demand of shrimps, increasing exports and shifting preference towards consuming quality seafood” provides a comprehensive analysis of the aquaculture feed market by analyzing historical statistics and corresponding developments in the aqua feed industry. The report covers various aspects including aquaculture feed market size on the basis of revenue, average price of aqua feed, overview of the market, ecosystem, operating model of aquaculture industry, value chain analysis of aquaculture feed market, products and services of aquaculture feed companies in India, types of different aquaculture feed, growth trends and developments, Porter 5 Forces Analysis, government initiatives, SWOT analysis, impact of COVID-19, and risk factors governing the future outlook of industry. Insights on competitive landscape of aquaculture feed market and cross comparison between major players operating in the ecosystem is also covered in the report on the basis of operational and financial parameters such as inception year, headquarters, market revenue, production, market share, strengths, challenges, company overview, total sales, no of employees, unique selling propositions, product portfolio, business model, key features, recent developments and future opportunities.
The report also focuses on the India Aquaculture Feed Market Segmentation by Type of Feed (Shrimp Feed, Fish Feed and Others); By Type of Ingredients (Soy, Corn, Fish Oil, Fish Meal and Others); By Region (Andhra Pradesh, West Bengal, Gujarat, Tamil Nadu & Puducherry, Odisha, Maharashtra and Others); By End User (Commercial and Household) and By Distribution Channel (Store Based and Online). India Aquaculture Feed Market report concludes with projections for the future of the industry on the basis of revenue by 2027 and analysts’ take on the future highlighting the major opportunities.
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India Aquaculture Feed Market Future Outlook
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